Private sector lender HDFC Bank said on Tuesday that Sashidhar Jagdishan will replace outgoing Managing Director Aditya Puri who will step down in October after a 26-year stint at the bank.
Jagdishan has been with the bank for nearly three decades and is currently serving as the Additional Director.
He has served as the Group Head of finance, human resources, legal and secretarial, administration, infrastructure, corporate communications and corporate social responsibility.
Jagdishan is a chartered accountant and holds a master's degree in economics of money, banking and finance from the University of Sheffield in UK.
He will be taking over at a time when the banking industry is in the middle of a crisis following the onset of COVID-19.
Jagdishan's selection confirms HDFC Bank's outgoing Chief Aditya Puri's recent comments that his successor will be an insider.
"There has been a lot of talk about the successor not being with us for a long time. Our potential successor has been with us for 25 years. My successor was always in place, at least in my mind. It is now for Reserve Bank of India to decide," Puri said at the bank's recent annual general meeting.
( With inputs from ANI )